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Onex to acquire USI Insurance for $2.3bn

Canada’s private equity investment firm Onex has inked a definitive agreement to purchase USI Insurance Services from GS Capital Partners VI Fund, and certain of its affiliates (GS Capital Partners), for nearly $2.3bn.

The agreement, which is subject to customary conditions and regulatory approvals, is expected to complete by the end of 2012.

Following completion of the transaction, Onex and employees of USI will own 100% of the company.

Onex managing director Robert Blanc said that the company will continue to grow both organically and by building on its track of successful acquisitions.

Managing nearly $14bn of assets under management and employing about 235,000 people globally, Onex trades through its offices located in Toronto, New York and London.

Established in 1994 and headquartered in Briarcliff Manor, New York, USI trades as an insurance brokerage, which offers numerous property and casualty, employee benefits and retirement consulting services.

Morgan Stanley, BofA Merrill Lynch, Citigroup, Goldman Sachs, RBC Capital Markets and UBS Securities offered bank and bridge financing commitments to Onex, while legal counsel was provided by Kaye Scholer.

Goldman, Sachs & Co and RBC Capital Markets acted as advisers to GS Capital Partners, whilst legal counsel was offered by Weil Gotshal & Manges.